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(image: http://www.imageafter.com/image.php?image=b17paul1389.jpg&dl=1)Co-signing vs. co-owning a car: What's the difference? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial choices by offering interactive financial calculators and tools, publishing original and objective content. We also allow users to conduct research and compare data for free to help you make sound financial decisions. Bankrate has agreements with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are displayed on this site come from companies who pay us. This compensation could affect how and when products are featured on the site, such as such things as the order in which they may be listed within the categories of listing, except where prohibited by law for our mortgage or home equity products, as well as other products for home loans. This compensation, however, does affect the information we provide, or the reviews that you read on this site. We do not contain the vast array of companies or financial offerings that might be accessible to you. FG Trade/Getty Images
2 min read Published 28 October 2022
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Written by Bankrate Written by Bankrate. This article was written by using automated technology. It was then thoroughly verified and edited by an editor from our editorial staff. Written by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are committed to helping readers to take control of their finances by providing clear, well-researched information that is broken down into complicated topics into digestible pieces. Written by Mark Kantrowitz Reviewed by Nationally well-known expert on student financial aid Mark Kantrowitz is an expert on financial aid for students, the FAFSA as well as 529 plans, scholarships, education tax benefits and student loans. The Bankrate promise
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This compensation could affect the way, location and in what order products are listed in the event that they are not permitted by law for our mortgage or home equity products, as well as other home lending products. Other elements, such as our own website rules and whether the product is available in the area you reside in or is within your self-selected credit score range can also impact the manner in which products are featured on this site. We strive to provide a wide range offers, Bankrate does not include specific information on every financial or credit item or product. Co-signing for a car and co-owning it are two different methods of requesting co-signing with a second borrower. In both situations the second borrower has to have sufficient credit and income to be able to fund the loan independently. However, each comes with advantages and drawbacks, dependent on what both parties are seeking. The differences between a co-signing and a co-owning vehicle. A co-signer is a person who is equally accountable for the repayment of the loan however, they don't possess any legal title to the vehicle. Co-owners share the same rights to it. Co-signing on the purchase of a car loan In the case of a car co-signer, the co-signer is required to make monthly installments in the event that the borrower is unable to make them. This is a big choice to make and could be . Benefits of co-signing the car loan Aid in getting a loan: A co-signer may be eligible for a car loan they otherwise wouldn't be eligible for. Credit building When the principal borrower is able to keep up with payments, the credit score of co-signers as well as the co-signer can be positively affected. Reduce cost: If the co-signer has a very good to good credit score the primary borrower will qualify for a lower fee and interest rate. There are risks associated with co-signing for an auto loan the responsibility for payment In the event that the borrower is in default the co-signer will be responsible in charge of the entire loan payments. No legal claim The co-signer isn't listed on the title and does not have any legal right to the car. Co-ownership of a vehicle is a legal option. In the case of a vehicle, both the owner and co-owner are listed in the document. Co-ownership doesn't alter what is already clear that the principal borrower owns the property. Depending on how the car is registered and the primary borrower might require permission to sell the vehicle. Benefits of co-owning a car Safety for co-owner A co-borrower is protected by the protection by having their own name listed on the title. Greater terms: If the two borrowers have good credit the primary borrower could get better terms than if they applied alone. Risks of co-owning a car Equal Rights: Each co-borrower is granted equal rights to the car as the primary borrower. This means that the co-owner has to take part in sale or transfer of the vehicle. Insurance If co-owners don't actually make use of the vehicle it is likely that they need to be covered by an insurance plan. This could mean more expensive costs for everyone involved. How to choose between co-signing and owning a car The main distinction between co-borrowers and co-signers is the level of risk in the loan. Co-borrowers are more accountable and have greater control over the loan than cosigners. Co-borrowing is best for people who both have good credit and want to share equal rights to the vehiclefor example, an engaged couple who wish to buy a car together. On the other hand, it is a good option for someone who isn't eligible for the loan at all, or needs help qualifying for more money or a lower interest rate. How do you prepare to co-sign or co-own a vehicle To be a co-signer for a loan, you'll need to have a stable income and meet the requirements for credit scores set by the lender. The same is required for being a co-owner, because the credit of both the borrowers will be taken into consideration. If you do meet the requirements, a candid discussion should be held between the two parties. Co-signing and co-owning both carry substantial credit risk. You must ensure that there is an arrangement in place to cover the case that the primary borrower can't pay. The bottom line There are many reasons why you could choose to co-sign or co-own a car with another person. In any event it is crucial for both of you to be in agreement about what the relationship entails and what's expected of both of you. Learn more
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Written by This article was created using automated technology and was thoroughly checked for accuracy and quality by an editor on our editorial team. Edited by Rhys Subitch Editor: Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are committed to helping readers gain confidence to control their finances by providing concise, well-researched and well-informed details that cut complex topics into manageable bites.
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Review by Mark Kantrowtiz by Nationally known student financial aid expert Mark Kantrowitz is an expert on student financial aid and the FAFSA, scholarships, 529 plans as well as tax benefits for education and student loans.
Nationally recognized student financial aid expert
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